Valaris Earnings Report

Supply dynamics are supportive of a sustained upcycle Floaters • • • Benign environment floater supply has declined by 44% to 157 from a peak of 281 in late 2014 Only ten competitive¹ warm or cold stacked drillships remaining, including VALARIS DS-7 and DS-11 Valaris has a demonstrated track record of successfully reactivating stacked rigs - four completed since mid-2021 and a further two in progress Only eight newbuild drillships remaining in South Korean shipyards, including VALARIS DS-13 and DS-14 Expect these rigs to come to market in a staged manner when demand supports incremental supply • Given expected costs and lack of shipyard capacity, it is unlikely there will be another newbuild cycle Jackups Jackup supply has declined by 9% to 493 from a peak of 542 in early 2015 33% of current supply is > 30 years of age with limited useful lives remaining Many of the ~100 warm or cold stacked jackups are not competitive: - - 65 are > 30 years of age 75 are in the bottom half of global fleet rankings 60 have been stacked > three years 17 stacked rigs are not included in any of the above three categories Excluding the ARO newbuild program, there are only 18 newbuild jackups at shipyards. 13 of these rigs are at Chinese shipyards, many of which may only enter the local supply in China VALARIS 1 Competitive drillships includes drillships in the top half of global fleet rankings. Includes 10 of the 16 total warm or cold stacked drillships. Excludes two rigs expected to be used for non-drilling activities based on recent announcement by another drilling contractor. 22 22

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